Oil prices dip below $75

By Gary Linnell

ProWEB Wire (Industry News)

The price per barrel for oil this morning dipped below $75 amid reports from the American Petroleum Institute that crude inventories last week increased by 5.87 million barrels.

In fact, the cost of crude for September delivery declined 97 cents to a figure of $74.80 a barrel on the New York Mercantile Exchange.

This comes just a day after the cost of the commodity rose 53 cents to settle at $75.77 -- the first climb after five consecutive days of losses.